The SEC published for comment proposed regulation B, which would implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) that delineate the securities activities in which banks may engage without registering as brokers under the Securities Exchange Act of 1934.

The SEC published for comment proposed regulation B, which would implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) that delineate the securities activities in which banks may engage without registering as brokers under the Securities Exchange Act of 1934 (www.sec.gov/news/press/2004-73.htm). GLBA introduced 11 functional exceptions to replace the act's complete exception of banks from the definition of the term broker. The SEC proposal, which is based on interim rules the commission adopted in 2001, defines some of the statutory terms contained in the GLBA exceptions and recommends with investor protection in mind--additional exemptions for certain other bank activities. Comments are due August 1, 2004.